JPMC posts 80% increase in net profit

The board of directors of the Jordan Phosphate Mines Company (JPMC) has announced that the company increased its net profit by 80 per cent in 2011 over the previous year. This was announced by the chairman-designate of the company, Munther Haddadin during the firm’s ordinary and extraordinary general assembly meetings, the official Petra news agency said. Haddadin credited the previous board of directors for the achievements and profits that reached 145.8 million dinars ($202.18 million after tax and provisions in 2011 compared with 80.2 million dinars in 2010. Shareholders also approved amendments the JPMC’s bylaw to be in line with the companies law. Accordingly, the Brunei government will have three board seats instead of four and seven of the nine-member board are to be elected. Under the new modifications, the number of representatives on JPMC’s board will be three for the Brunei government, two for the Jordanian government and one for Kuwait. The general assembly also decided to distribute 33.370 million dinars in cash dividends at a rate of 45 per cent, amid requests that the rate be raised to 70 per cent.